Barely two years after the resumption of Value Added Tax (VAT) to the stock market, investors have returned about N30 billion into government coffers. The amount includes the 10 per cent withholding taxes...
Tax Appeal Tribunal’s decision on deductibility of expenses in determining Companies Income Tax in Nigeria
2 Jun 2020
Corporate income tax statutes are primarily designed to subject the bottomline of businesses, rather than their topline, to taxes. To achieve this goal, rules are laid down under which companies are able to deduct qualifying..
27 Jan 2020
The signing of the 2020 Finance Bill into law by President Muhammadu Buhari, has been commended by insurance operators, who said the Act has brought great tax relief to underwriting business in Nigeria.
6 Jan 2020
The Federal Government has, through the Executive Finance Bill recently passed by the National Assembly, relieved insurers of assessed “unwholesome tax burden” that had hitherto drained their earnings.
22 Nov 2019
Nigeria's Senate on Thursday passed the Finance Bill after it scaled through the third reading on the floor of the Senate.
24 Sep 2019
The prevailing high tax regime in the country has come under fresh criticism, as investors have called on the Federal Government to remove the various taxes imposed on investment in the capital market...
20 Aug 2019
Until the provisions of the Company Income Tax Act (CITA), which impose double taxes on companies’ profits are amended, Nigeria may not attract holding company investments, especially the commencement rules.
25 Sep 2018
The Association of Bureau De Change Operators of Nigeria recently raised an alarm over the on-going practice of banks denying their members access...
2 Mar 2018
A pioneering local study on microbial contamination of aviation fuel and its handling system in the country has urged quality control agencies...
1 Feb 2018
CITA petroleum, an indigenous aviation fuel handling company, has signed pact with Puma Energy in a bid to enhance Jet-A1 supply in the aviation industry. The new deal is expected to create supply and availability to tackle the perennial shortage and distribution logistics challenges affecting the nation’s aviation sector. It will be recalled that…
1 Nov 2017
Imagine you have no clue what the term “Married person” means; and I am to help you out. If I said to you: “a Married person means a person that is married”; have I been helpful? This is an example of a circular definition.
22 May 2017
Operators in the nation’s insurance sector have expressed discomfort over the heavy tax burden being placed on them by the Companies Income Tax Amendment Act 2007 (CITA), which now constitutes a big clog to their profitability.